Bill Text - SB308 (2016)

Relative to the definition of small loans.


Revision: Dec. 29, 2015, midnight

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SB 308  - AS INTRODUCED

 

2016 SESSION

\t16-2830

\t08/05

 

SENATE BILL\t308

 

AN ACT\trelative to the definition of small loans.

 

SPONSORS:\tSen. Soucy, Dist 18; Rep. Jones, Straf. 24; Rep. Herbert, Hills. 43

 

COMMITTEE:\tCommerce

 

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ANALYSIS

 

\tThis bill changes the definition of small loans.

 

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Explanation:\tMatter added to current law appears in bold italics.

\t\tMatter removed from current law appears [in brackets and struckthrough.]

\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.

\t16-2830

\t08/05

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Sixteen

 

AN ACT\trelative to the definition of small loans.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

\t1  Small Loans; Definition.  Amend RSA 399-A:1, XX to read as follows:

\t\tXX.  "Small loan'' means a title loan, payday loan, open-end loan, or closed-end loan that:

\t\t\t(a)  Is $10,000 or less with a contractual term of 6 months or longer; and

\t\t\t(b)  Has an annual percentage rate of 10 percent or more except for the lawful fees, if any, actually and necessarily paid out by the lender to any public officer, for filing or recording in any public office any instrument securing such loan, including, but not limited to, a certificate of title or UCC financing statements, and except for the reasonable costs, charges, and expenses, including court costs actually incurred in connection with a repossession of the security or an actual sale of the security.

\t2  New Paragraph; Small Loans Not Title or Payday Loans.  Amend RSA 399-A:16 by inserting after paragraph VI the following new paragraph:

\t\tVII.  Notwithstanding RSA 399-A:1, XVI(b) or any other provision of law, a loan with a contractual term of 6 months or longer with an annual percentage rate not exceeding 36 percent, as calculated under RSA 399-A:12, I shall not be a title loan or a payday loan.

\t3  Effective Date.  This act shall take effect 60 days after its passage.

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